Need Extra Income? Check Out The Four Different Types Of Social Security Benefits

Most citizens in the United States of America have very little knowledge or understanding in regards to what different programs the Social Security Authority in America provides. At present, according to Go Banking Rates, over 60 million citizens of the United States of America take advantage or are beneficiaries of their programs.

However, with such a lack of knowledge regarding the different types of benefits offered by the Social Security Authority in America many citizens, especially in the COVID-19 environment, might not be aware of being eligible for benefits or why, conversely, you should hold off on benefits if you are eligible. This article will look at exactly these points in further detail – read on.

Retirement Benefits

The first type of Social Security Benefit that we will discuss is the most popular form of Social Security – retirement benefits. This benefit program offered by the Social Security Authority in America is aimed at older citizens who are entering retirement or are retired. As such, such social security benefits become paramount to millions of US citizens – even though it is not aimed at being a full retirement package by itself, but rather must be supplemented with other income. If you are older than the age of 62 and have worked at least 10 years in your life in the United States of America, basically – you may be eligible for benefits. However, if you wait until a later age – i.e 67 you will be entitled to more Social Security income for retirement as you will have reached full retirement age and receive maximum standard payments. Keep this in mind.

Supplementary Social Income

This is another form of Social Security benefits or income that allows those who cannot earn sufficient income on their own to have their income supplemented by the social security authority. It is available to people over 65, adults, and children with disabilities. What is advantageous is that if you are a retiree you can receive this income on top of your social security benefits. However, your income and quality of life are brought into the equation.

Survivor’s Benefits (Widow or Widower)

According to Go Banking Rates, if you have recently lost a spouse or a family member and are close to retirement or are of retirement age, you could be eligible for Survivor’s Benefits and could claim their social security benefits. This depends on a few factors such as how many credits they have earned in their life. Check out the link below to visit the Social Security Authority for more details.

Disability Benefits – Income

Lastly, if you are living with a serious disability that hinders you at work or from working you may be eligible for income or benefits from the Social Security Authority. Again, age and the amount of time you have worked for determines the level of benefits and eligibility.

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